WOODBURN, ORE. – A 20,196-square-foot retail property in Woodburn that used to house Hershberger Motors has sold to a limited liability company for an undisclosed sum. The property is located at 777 Arney Road. The LLC plans to redevelop the property. It was represented by Will Stone of Marcus & Millichap’s Portland office.
Retail
OLYMPIA, WASH. – A 35,776-square-foot building in Olympia that is net leased to Big Lots has sold to an individual/personal trust for $3.7 million. The building is located at 2815 Capital Mall Drive SW. There is a little less than seven years remaining on the lease. The REIT seller was represented by Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap’s Cleveland & Columbus offices. The buyer was represented by an agent out of the firm’s Palo Alto, Calif., office.
CORTEZ, COLO. – A 6,850-square-foot building in Cortez that is occupied by O’Reilly Auto Parts has sold to a 1031 exchange buyer for $1.7 million. The building is located at 1853 Main Street in southwestern Colorado near the Colorado-Utah-New Mexico-Arizona border. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by Justin Brockman and JB Hochman of the Hochman Brockman Team from the same firm.
BESSEMER, ALA. — The Boulder Group has arranged the $5.9 million sale of a single-tenant CVS/pharmacy store located at 2901 Morgan Road in Bessemer, part of the Birmingham MSA. CVS has 10 years of lease term remaining at the 10,880-square-foot store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual from the Midwest, in the transaction. The buyer was a private real estate investment company.
WINTER PARK, FLA. — Orlando-based Cuhaci & Peterson | Architects, Engineers, Planners has completed the redesign of the Publix supermarket in Winter Park Village, a shopping center located at Canton Avenue and U.S. 17-92 in Winter Park. The redesigned Publix will offer 55,000 square feet of retail space. Construction on the project is currently underway.
EVERGREEN PARK, ILL. — The Boulder Group has brokered the $11 million sale of a single-tenant, triple-net leased retail property in Evergreen Park, a suburb 15 miles south of Chicago. Walgreens will be the sole occupant of the 14,820-square-foot retail building located at the southeast corner of W. 95th St. and S. Pulaski Road. Walgreens is relocating to this site from its existing building at 3545 W. 95th St. Walgreens opted to move two blocks in order to maximize vehicular traffic and store visibility. The new Walgreens property is set to open in July. The property is fully leased to Walgreens and will have 20 years of primary lease term remaining upon commencement. The lease features rental escalations in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.
PHILADELPHIA — iPic Entertainment has started construction for iPic Theaters at The Boyd, a movie theater in downtown Philadelphia. Located at 1910 Chestnut St., the theater will feature eight screens and 744 seats, as well as Tanzy Express, an in-theater dining concept. The eight auditoriums will vary in size, offering seating for between 60 to 120 customers. The dine-in restaurant, Tanzy, will serve artisanal Italian cuisine with contemporary style and a full-service bar. The theater is slated for completion in 2015.
MANSFIELD, TEXAS — Venture Commercial Real Estate has brokered the sale of a 59,297-square-foot retail building in the Dallas/Fort Worth suburb of Mansfield. Located at 989 N. Walnut Creek Drive, the property is within the larger Walnut Creek Village shopping center. Previously owned and occupied by Albertsons, the facility is now fully leased to Big Lots and Urban Air Trampoline Park. John Zikos and Chris Booras of Venture Commercial represented the seller, Dallas Retail Associates, in this transaction, as well as the past sales of four other former Albertsons stores in North Texas. Dallas Retail Associates is a partnership between Centennial Real Estate Co. and The Praedium Group, Randall Stepp of Lincoln Property Co. and Nick Ibarra of Clear Fork Properties represented the buyer, Walnut Creek Plaza LLC, in the Walnut Creek transaction.
KATY, TEXAS — Hunington Properties Inc. has brokered the sale of the Shops at Fry, a 20,000-square-foot shopping center in the Houston suburb of Katy. Located at the intersection of Fry Road and West Little York Road, the property was 88 percent leased at the time of the sale. Sandy Aron and Todd Carlson of Hunington Properties marketed the asset on behalf of the seller, a local private developer. A Hawaii-based investor purchased the center as part of a 1031 tax-deferred exchange.
ALLEN, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Bethany Center, a 10,000-square-foot strip shopping center in the Dallas/Fort Worth suburb of Allen. Located on the northwest corner of Bethany Boulevard and Highway 5, the recently remodeled property houses tenants including Royal Chopstix and Lucky Paws Pet Lodge. Sean Byrne of The Byrne Company represented the seller. Jose Thankachan of Beam Real Estate represented the unnamed buyer.